Illinois Senate Bill 1924 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly Article of the Illinois Pension Code. Requires the System to prepare and implement a Tier 3 plan by July 1, 2020 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant on or after July 1, 2020 shall participate in the Tier 3 plan. Provides that a Tier 1 or Tier 2 participant may irrevocably elect to participate in the Tier 3 plan instead of the defined benefit plan; makes conforming changes. Authorizes a Tier 1 or Tier 2 participant who elects to participate in the Tier 3 plan to elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account under the Tier 3 plan. Requires the System to report on its progress in establishing the Tier 3 plan to the Governor and the General Assembly by January 15, 2020. Excludes the amendatory Act from the new benefit increase restrictions. Authorizes a participant to terminate his or her participation in the System. Makes related changes in the Retirement Systems Reciprocal Act (Article 20 of the Code) and the State Employees Group Insurance Act of 1971. Effective immediately.

PENCD-GARS-TIER 3 PLAN

Sen. Chuck Weaver [R]

Sen. Jason Barickman [R]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2019-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2019-03-22	Senate	Rule 2-10 Committee Deadline Established As March 28, 2019
2019-02-27	Senate	Assigned to Government Accountability and Ethics
2019-02-20	Senate	Added as Chief Co-Sponsor Sen. Jason A. Barickman
2019-02-15	Senate	Referred to Assignments
2019-02-15	Senate	First Reading
2019-02-15	Senate	Filed with Secretary by Sen. Chuck Weaver

Chapter	Article	Section	Citation Type	Statute Text
40	5	2-105.3	New Code	See Bill Text
40	5	2-117	Amended Code	Citation Text
40	5	2-162	Amended Code	Citation Text
40	5	2-165.5	New Code	See Bill Text
40	5	20-121	Amended Code	Citation Text
40	5	20-123	Amended Code	Citation Text
40	5	20-124	Amended Code	Citation Text
40	5	20-125	Amended Code	Citation Text
5	375	10	Amended Code	Citation Text
5	375	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1924&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB1924.htm